Economic Decision Making
Question One – Background (5 marks)
Introduce and explain the concept of social welfare Be sure to contextualise the remainder of the assignment
Question Two – Supply and Deman d (5 marks)
Using the labour market, define and describe the laws of demand and supply
Use simple diagrams to illustrate the effect of elasticity on those laws
Question Three – Forecasting (5 marks)
Using the data provided, conduct a regression analysis
Comment on the strength of the derived regression
Use the regression to forecast future employment conditions
Question Four – Research (10 marks)
Research the concepts of money wages and real wages
Explain these two concepts and why they are important
Discuss how wage indices factor in broader economic terms
Question Five – Conclusion (5 marks)
Provide comment and outlook for the global employment market
Presentation (10 marks)
General government – National ; Health ; General government – National ; Sickness benefits ; General government – National ; Benefits to ex-servicemen and their dependants ; General government – National ; Permanent disablement benefits ; General government – National ; Old age benefits ; General government – National ; Unemployment benefits ; General government – National ; Family and child benefits ; General government – National ; Other ; General government – National ; Total social security ; General government – National ; Other social assistance benefit payments ; General government – National ; Total personal benefits payments ; General government – State and local ; Total personal benefits payments ; General government ; Total personal benefits payments ;
Unit $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions $ Millions
Series Type Original Original Original Original Original Original Original Original Original Original Original Original Original
Data Type DERIVED DERIVED DERIVED DERIVED DERIVED DERIVED DERIVED DERIVED DERIVED DERIVED DERIVED DERIVED DERIVED
Frequency Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
Collection Month 3 3 3 3 3 3 3 3 3 3 3 3 3
Series Start Sep-1961 Sep-1961 Sep-1961 Sep-1961 Sep-1961 Sep-1961 Sep-1961 Sep-1961 Sep-1961 Sep-1959 Sep-1959 Sep-1959 Sep-1959
Series End Dec-2013 Dec-2013 Dec-2013 Dec-2013 Dec-2013 Dec-2013 Dec-2013 Dec-2013 Dec-2013 Dec-2013 Dec-2013 Dec-2013 Dec-2013
No. Obs 210 210 210 210 210 210 210 210 210 218 218 218 218
Series ID A2301964W A2301965X A2301966A A2301967C A2301968F A2301969J A2301970T A2301971V A2301972W A2301973X A2301974A A2301975C A2301976F
Sep-1959 5 145 5 150
Dec-1959 6 155 5 160
Mar-1960 5 144 5 149
Jun-1960 6 156 6 162
Sep-1960 5 156 6 162
Dec-1960 6 165 6 171
Mar-1961 6 159 6 165
Jun-1961 7 179 6 185
Sep-1961 7 0 17 22 53 27 48 1 167 4 180 7 186
Dec-1961 7 0 19 23 56 27 49 1 174 4 186 7 192
Mar-1962 7 0 18 23 55 27 49 1 173 4 185 7 191
Jun-1962 7 0 19 24 59 27 49 1 179 4 191 7 198
Sep-1962 6 0 19 22 54 27 51 1 175 3 185 7 192
Dec-1962 7 0 19 24 58 27 50 1 180 4 192 8 200
Mar-1963 7 0 19 23 56 27 51 1 178 4 189 8 197
Jun-1963 8 0 19 25 60 27 50 1 182 4 195 8 202
Sep-1963 7 1 21 24 59 30 52 1 188 4 199 8 207
Dec-1963 8 1 22 26 63 30 52 1 194 5 208 9 217
Mar-1964 7 1 20 24 59 30 52 1 187 4 198 8 206
Jun-1964 8 1 20 30 72 30 66 1 219 5 234 10 244
Sep-1964 8 1 21 26 63 31 57 1 199 5 212 9 221
Dec-1964 8 1 22 28 68 31 60 1 210 6 224 10 233
Mar-1965 8 1 22 26 63 31 58 1 203 5 215 9 224
Jun-1965 8 1 22 29 69 31 58 1 211 6 223 10 232
Sep-1965 8 1 23 28 68 33 61 1 214 7 227 10 237
Dec-1965 9 1 23 28 67 33 63 1 215 7 229 11 240
Mar-1966 8 1 23 29 69 33 62 1 217 8 231 11 242
Jun-1966 9 1 23 30 72 33 61 1 220 8 236 11 248
Sep-1966 9 1 25 30 71 36 67 1 229 9 244 10 254
Dec-1966 9 1 25 30 71 36 64 1 227 9 242 12 253
Mar-1967 9 1 25 33 80 36 67 1 242 9 256 13 269
Jun-1967 10 1 25 32 76 36 68 1 238 10 254 12 266
Sep-1967 9 1 26 31 76 37 65 1 236 9 252 13 264
Dec-1967 9 1 26 31 75 37 67 1 236 9 251 14 266
Mar-1968 9 1 26 32 79 37 71 1 246 9 261 14 275
Jun-1968 10 1 25 33 80 37 71 1 247 10 263 14 277
Sep-1968 10 1 26 33 79 40 74 1 253 10 270 14 284
Dec-1968 10 1 27 35 85 40 74 1 262 9 277 16 293
Mar-1969 10 1 31 34 82 40 74 1 261 11 279 16 295
Jun-1969 11 1 26 36 87 40 74 1 265 12 283 16 299
Sep-1969 11 1 31 37 89 45 83 1 286 11 305 16 321
Dec-1969 11 1 31 39 94 45 86 1 296 11 314 17 332
Mar-1970 11 1 31 39 95 45 80 1 291 12 311 17 329
Jun-1970 12 1 31 40 96 45 83 1 296 13 317 18 335
Sep-1970 11 1 31 39 95 47 88 1 303 13 320 18 338
Dec-1970 12 1 35 41 100 47 89 2 315 13 333 21 354
Mar-1971 12 1 32 41 100 47 88 2 310 15 331 21 352
Jun-1971 14 1 33 42 102 47 88 2 314 15 335 22 357
Sep-1971 13 1 37 43 105 55 94 2 337 15 358 24 382
Dec-1971 14 1 41 46 112 55 105 2 361 15 382 30 412
Mar-1972 14 1 37 49 120 55 102 2 365 17 387 27 415
Jun-1972 15 1 37 50 121 55 105 2 371 18 395 27 423
Sep-1972 18 1 44 44 108 71 118 2 387 17 415 29 444
Dec-1972 18 1 44 62 151 53 173 2 485 16 510 32 541
Mar-1973 18 1 54 62 150 71 114 2 453 21 483 35 518
Jun-1973 18 1 49 72 172 83 110 3 489 28 525 37 562
Sep-1973 22 1 57 61 146 71 163 2 500 21 535 28 564
Dec-1973 22 1 59 76 184 65 168 2 555 24 592 33 625
Mar-1974 22 1 58 67 166 118 149 2 562 23 598 37 635
Jun-1974 22 1 61 91 219 88 152 3 615 27 656 38 694
Sep-1974 31 1 80 91 220 88 232 3 715 26 764 39 804
Dec-1974 31 2 96 108 264 79 240 3 792 30 845 33 877
Mar-1975 31 1 79 96 232 160 220 4 793 30 846 36 883
Jun-1975 31 2 85 130 314 164 220 5 919 37 979 40 1018
Sep-1975 42 2 114 129 310 138 293 5 990 43 1060 43 1103
Dec-1975 42 2 115 150 364 160 374 5 1170 48 1243 45 1287
Mar-1976 42 2 111 138 333 198 243 5 1031 44 1102 47 1149
Jun-1976 42 2 117 157 382 167 320 5 1150 49 1225 37 1262
Sep-1976 56 3 141 188 454 190 380 6 1362 43 1457 49 1505
Dec-1976 56 3 154 178 431 202 418 6 1391 43 1485 43 1529
Mar-1977 56 3 142 205 496 236 432 7 1521 47 1619 49 1668
Jun-1977 56 3 169 191 462 250 401 8 1483 48 1581 53 1634
Sep-1977 65 3 155 228 549 243 506 8 1693 53 1805 64 1869
Dec-1977 65 3 201 205 499 236 473 7 1624 50 1733 57 1790
Mar-1978 65 4 161 236 570 268 471 8 1718 54 1831 50 1881
Jun-1978 65 3 189 218 529 277 451 8 1676 53 1789 61 1850
Sep-1978 71 4 174 252 610 260 554 9 1861 57 1985 58 2043
Dec-1978 71 3 202 225 545 269 508 8 1761 54 1880 59 1939
Mar-1979 71 4 183 261 631 297 542 9 1926 59 2052 57 2108
Jun-1979 71 3 209 228 551 288 465 9 1753 55 1873 52 1925
Sep-1979 76 4 180 264 637 294 595 9 1983 57 2114 51 2165
Dec-1979 76 4 217 264 637 292 553 9 1975 58 2107 62 2169
Mar-1980 76 4 201 261 633 313 546 9 1968 57 2099 62 2162
Jun-1980 76 4 235 256 624 308 546 10 1983 58 2114 65 2179
Sep-1980 86 4 242 307 740 317 556 10 2176 68 2325 40 2364
Dec-1980 86 5 228 314 762 338 666 10 2322 71 2475 58 2533
Mar-1981 86 4 228 275 667 353 652 10 2188 66 2335 29 2364
Jun-1981 86 4 242 284 687 354 655 11 2237 69 2386 33 2419
Sep-1981 100 5 271 340 824 347 679 12 2479 77 2649 28 2677
Dec-1981 100 5 248 348 842 372 721 12 2549 78 2721 57 2778
Mar-1982 100 4 293 304 738 406 738 11 2495 74 2661 35 2696
Jun-1982 100 5 275 371 897 449 786 13 2796 85 2976 29 3005
Sep-1982 122 5 311 366 886 344 733 12 2658 83 2853 31 2884
Dec-1982 122 6 295 443 1070 472 1051 15 3352 101 3569 50 3619
Mar-1983 122 6 352 389 942 554 965 14 3221 98 3431 44 3475
Jun-1983 122 7 377 475 1152 562 839  
